Define a Powerful Go-to-Market Strategy That Sets Your Product Apart

Define a Powerful Go-to-Market Strategy That Sets Your Product Apart

Tom Evans

CompellingPM

@compellingpm

Copyright 2013 - 2015. The Lûcrum Group, Inc. 1

DFW Product Group

• DFW Product Group is the premier product management and marketing association in the Dallas/Fort Worth metroplex

• 300+ active members

• 2013 - 2015 roadmap includes webinar series, networking mixers, and ProductCamp DFW

• Website: http://dfwproductgroup.org/

• LinkedIn: https://www.linkedin.com/groups?gid=2796125

• Twitter: @DFWProductGroup

• Email: [email protected]

• Actively seeking new members, volunteers, and sponsors


Special offer from CompellingPM at the end of the webinar.


Define a Powerful Go-to-Market Strategy That Sets Your Product Apart

Tom Evans

CompellingPM

@compellingpm


Poll Question 1

Does your company create a formal Go-to-Market Strategy for each product?

a) Yes, all products have a Go-to-Market Strategy.

b) Sometimes we create Go-to-Market Strategy, but this is not a standard.

c) No, we never create Go-to-Market Strategy.

d) What is a Go-to-Market Strategy?


PM2 Levers of Control™


Executional LeversProduct

•Define Whole Product

•Effective Requirements

Price

•Value-Based Pricing

Place (Channel)

•Sales Tools

•Sales Enablement

•Channel Programs

Promotions

•Product Marketing Tools & Content

•Product Marketing Programs

Go-to-Market Strategy

Target Markets PositioningCompetitive

StrategiesMessaging Platform

Alignment to Business Drivers

Market Analysis

VOC Competitive Analysis Ecosystem Analysis

What is a Go-to-Market Strategy

• A Go-To-Market strategy is how a company delivers their unique value proposition to their target market and creates a competitive advantage.

– How do you create value?

– How do you deliver the value?

– How do you capture the value?


GTM Strategy Helps You Succeed

• Clearly communicate strategy and focuses efforts & investments

• Guides all other PM2 strategies & decisions

• Reduces risks of failure and brand damage

• Establishes path for growth

• Improves time-to-market

• Enhances customer experience

• Increase your chances of market success!


Poll Question 2

When do you typically create the Go-to-Market Strategy?

a) Once the product is ready to launch.

b) During product development.

c) When planning the product.

d) When an executive asks for it.


The Wrong Way to GTM


Build Product

Define Channels

Define Price

Define Promotions

Ready – Fire

Slightly Better Way to GTM


Build ProductDefine Target

Markets & Positioning

Define Channels

Define Price

Define Promotions

Ready – Aim - Fire

The Best Way to GTM


Define Product

Define Target Markets &

Market Problems to

Solve

Define Channels

Define Price

Define Promotions

Define Positioning

Aim - Ready - Fire

When to Define GTM


Approval to fund

business planning

Approval to fund

development

Product ready

for field testing

Product and

organization ready

On-going

marketing ready

New version or

retire completely

Marketing Plan End of Life PlanLaunch Plan

Beta Plan

Market Strategy Document

Roadmap Document

Product Description Document

Market Needs Document

Business Case Document

PM + Engineering (Agile, Hybrid, Waterfall)

PlanConceive Qualify Run Beta/Pilot program

Finish launchplan

Release product,gather feedback

Finish marketingplan

Discover opportunities

Develop Launch Maximize

Validate product/market fit

Create roadmapand strategy

Finish business plans

Solidify develop plans

Finish beta plan Support sales

Communicate EOL

Retire

Plan sunsetor replacement

Perform post mortem

Deliver final documents

Plan EOL and next release

Develop preliminarydocuments

Perform post mortem

Test messaging and positioning

Final feature list

Run/monitormarketing

Phases and

Activities

Exit Criteria

MarketingProduct

Product

Management

EXECUTIONSTRATEGY

The OPP framework is completely customizable and

flexible, making it easily adopted by any company

regardless of size, maturity, or development methodology.

Development – Agile, Hybrid, Waterfall

Documentation – None, Lightweight, Formal

Maturity – Startup, Small/Medium, Enterprise

Optimal Product Process™ (OPP)

Optimal Product Process Methodology © 280 Group, 2011-2014

Source: Conceive to Retire from AIPMM Product Management Body of Knowledge® (ProdBOK®)

Optimizing Product Management™

What’s Included in the GTM Strategy


Strategies for Your 4Ps

Product Strategy Pricing Strategy Channel Strategy Promotional Strategy





Building Your GTM Strategy


Needs, Wants, Demands

• Need - is state of felt deprivation of some basic satisfaction.

• Wants – are desires for a specific satisfier of these deeper needs.

• Demands – are wants for specific products that are backed up by an ability and willingness to buy them.

Source: Kotler – Marketing Management

16Copyright 2013 - 2015. The Lûcrum Group, Inc.

Levers to Influence The Market

• We don’t create “Needs”.

• We influence “Wants” & “Demands” with our Go-to-Market Strategy


Strategies for Your 4Ps

Product Strategy Pricing Strategy Channel Strategy Promotional Strategy





Target Markets

• Select most attractive market segments– Alignment with corporate strategy– Has biggest and most urgent pain– Gaps in the market– Core competencies best support– Ability to reach– Leverages strengths– Least competition– Largest market size

• Roll-out plan– Order to enter each market segment


Strategy Drives Marketing Mix

• Unique for each target market

• Starts with positioning

• Create competitive advantages

• Marketing objectives and strategy changes through product lifecycle


Key Strategy Decisions

• Positioning –designing the company’s offer so that it occupies a distinct and valued place in the target customer’s minds. (Kotler)

• Competitive Advantage - developing a combination of attributes that allows a company to distinguish itself and outperform its competitors.


It’s About Being Valuably Different!

• Competitive strategy is about being different. It means deliberately choosing to perform activities differently or to perform different activities than rivals to deliver a unique mix of value. (Michael E. Porter)

• The essence of strategy lies in creating tomorrow's competitive advantages faster than competitors mimic the ones you possess today. (Gary Hamel & C. K. Prahalad)

Copyright © 2012 - 2015, The Lûcrum Group Inc, All Rights Reserved

21

Key GTM Strategic Objectives

• Create awareness, get first customers

• Where are you getting customers?– Maximize market share

• Attack competitors

• New markets/users

• Increase usage

– Defend market share• Against competitors

• Defend a position

• Harvest product for maximum profitabilityCopyright 2013 - 2015. The Lûcrum Group, Inc. 22

Poll Question 3

Who typically owns the Positioning decision in your organization?

a) Product Management.

b) Product Marketing.

c) Product Management & Product Marketing.

d) Senior Executives.

e) Never thought about it.


GTM Process


Source: http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html

Foundations of GTM


Market Analysis



Key Drivers for GTM

• Customers

– Intimate Understanding of Target Markets

• Company

– Mission, Strategy, Strengths, Weaknesses

• Competitors

– Strategy, Strengths, Weaknesses


Understanding of Target Markets

• Who they are

– Personas

• Why they buy

– Problems they want to solve

• How they buy

– What is their buying process

– Where do they look


June 11 Webinar

http://compellingpm.com/developing-a-deep-understanding-of-your-target-markets-

the-starting-point-for-great-product-management-marketing/

http://compellingpm.com/developing-a-deep-understanding-of-your-target-markets-the-starting-point-for-great-product-management-marketing/

Market Ecosystem Dynamics

• Macro Forces• Industry Forces

– Customers– Company– Competitors– Suppliers– Partners

• Create Understanding:– Opportunities & Threats– Strengths & Weaknesses

28

Economic

Social

TechnologicalEnvirnomental

Legal

Political

Partners

Competition

Suppliers

Company

Customers

Copyright 2013 - 2015. The Lûcrum Group, Inc.

Competitive Analysis

• Top 3 to 5 Competitors (Strongest)

– Strategy

– Products

– Financials

• Evaluate

– Strengths & Weaknesses

– Likely Moves


Poll Question 4

Which is the most important driver in creating your Go-to-Market Strategy?

a) Clear understanding of your target markets.

b) Aligning with your corporate strategy and strengths.

c) Knowing how to compete against your competitors.


GTM Summary


PM2 Levers of Control™


Executional LeversProduct

•Define Whole Product

•Effective Requirements

Price

•Value-Based Pricing

Place (Channel)

•Sales Tools

•Sales Enablement

•Channel Programs

Promotions

•Product Marketing Tools & Content

•Product Marketing Programs





Market Analysis


Go-to-Market Webinar Serieshttp://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/

Webinar Title Date

The Strategic Role of Product Management & Product Marketing in Driving Product Revenue & Success

Apr 23

Developing a Deep Understanding of Your Target Markets – The Starting Point for Great Product Marketing

June 11

Define a Powerful Go-to-Market Strategy That Sets Your Product Apart June 25

Great Requirements Form the Foundation for Successful Products July

Profitable Products Sell Value: Why Value-Based Pricing Wins August

From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform

Sept

Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct

Nothing Happens Until Someone Sells Something: Enabling Your Sales Channel to Success Nov

Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do

Dec


Next Webinar

• Great Requirements Form the Foundation for Successful Products

July XX, 2015


http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/

Upcoming Austin PM2 Training

• Optimal Product Management & Product Marketing

– Sep 21 – 23

– Dec 7- 9

• AIPMM Certifications – Certified Product Manager (CPM)

– Feb 16 – 17

More dates/locations - www.280group.com


Free 1 Hour PM/PMM Consult

• First ten to submit information on form

• http://compellingpm.com/freeonehour/

• Please include background on topic or issue

• Must include company info (no Gmail)


http://compellingpm.com/freeonehour/

Thank You!

Tom Evans

CompellingPM

[email protected]

@compellingpm

www.compellingpm.com


mailto:[email protected]